FDIC SUES LSI AND CORELOGIC  LSI Appraisal and CoreLogic being SUED. The SUIT contains accusations of gross negligence, breach of reps and warranties, and other breaches of contract for defective and inflated appraisals"

 

Click on link above to read more and make sure to read all the comments too!

LSI is one of the worst AMC's out there who have always paid low ball fees and expected unrealistic turn times without regard to quality. The lowest quoted fee gets the job, I know this for a fact as I never get work from them due to my NORMAL fees. I do work for their Relocation division. That is separate and they pay R & C fees.

As I stated it my reply to this news, it could not happen to 2 better Companies. LSI continues to send out condescending emails to Appraisers telling them what they are doing wrong, they ask for more and more ridiculous information and want the report to be formatted in a certain way, with certain commentary, on and on... But do they pay for the extra time involved.  H E _ _ NO!

They should love the UAD coming in September, but that is another BLOG topic for another day.

I have always been a believer of you get what you pay for and when you get paid $195.00 or $200.00 and they charge the borrower $400.00 something is definitely wrong. No wonder they have problems!

As far as I know LSI is not going to change their ways and start paying Reasonable & Customary as required by the Dodd-Frank Bill. They are finding loop holes in that Bill . They refuse to pay for good appraisers who refuse to INFLATE values just to make the deals work. Inflated Appraisals is one reason why they are being sued.

Check out my prior blog post below, which definitely should be Featured as it solicits some great thought and commentary and is a real and current issue.

My Last BLOG about Perveived vs Market Value

 

mary active rain

http://www.marytappraisals.com

 
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9 Comments on Well since my last Blog, which was thought provoking was not Featured, This one will be! FDIC SUES LSI and Core Logic

JUN
18
2011
307,560 Points 3 Featured Posts Outside Blog

I hope that all of your dreams and fantasies of featured posts come true for you! ;-)
12:25pm • #1
10 Featured Posts

 I know! I have delusions of Grandeur!

I am thinking I have to be a paid Active Rain Member these days in order to get a Featured Post. I have had several as a Lowly Appraiser over the years! It is just frustrating when you see what does get featured sometimes and you wonder WHY???????   Have a great weekend  :)
12:32pm • #2
JUN
19
2011
153,669 Points

Mary, I too have often wondered how some are featured which contain little substance, but have resigned myself to the belief that it is a closed club.  I post to make, what I believe, are valid points and statements.  My hope is that those who can use the insight, do so.  Your posts are similar and I read them all.  I've read that commenting is a means of increasing points only to search several groups to find nothing worth commenting. 

So be it.  I'm going to try to find a video posted on my Facebook of a speech by Representative Marcy Kaptur of Ohio where she directly attacks the greed of Wall Street and the cowardise of Congress to stand up for the American people.  If I can figure it out, I'll post it - very good speech.  Until we can recapture Washington and put the Wall Street criminals behind bars, these problems will persist.
10:34am • #3
10 Featured Posts

Richard: Could not agree more. Look forward to the video. 

As for the points for comments I feel the same way and what really cracks me up is you see so many people comment saying nothing but Great Post or Interesting Posts or Thanks for the Information. Couple words so they can get points!

Happy Fathers Day!
10:47am • #4
JUN
20
2011
109,736 Points 3 Featured Posts

I'm going to copy-n-paste what I just posted on Ken Rossman's blog as it's appropo for this one as well:

"Ah! I've been known to burn bridges like that... but they're such rickety bridges, burning them down is like doing yourself a favor... Good for you ~ "
11:14pm • #5
JUN
21
2011
137,948 Points

Good post. I also won't do work for LSI. A Law suit from what I read was long overdue.Look forward to reading one of you featured blogs in the future
7:20am • #6
10 Featured Posts

Sara: Thanks, I hear you big time!!! LOL
8:23am • #7
JUL
27
2011

There is no rhyme or reason behind the blogs that get featured, except that a few of the oldies can say BOO! and get featured.

Happy Hump Day!
11:50am • #8
10 Featured Posts

I hear you! Always the same people getting featured. Oh well they are missing out on some good blog posts.

 

Happy Hump day to you too!
11:58am • #9

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